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WorksheetsYear 7 Economics Revision
Total questions: 30
Worksheet time: 15mins
Name
Class
Date
1.
A market is
a)
any organised exchange of goods and services for money
b)
where you buy groceries
c)
stalls of food on weekends
2.
A budget is
a)
an estimate of future expenses and income
b)
a low price
c)
the amount you save
3.
Money is a
a)
factor of production
b)
means of exchange
c)
good
d)
service
4.
Budgets are important
a)
to ensure you have enough money to satisfy your needs and wants
b)
to ensure you don't overspend each month
c)
to help you save
d)
all of the answers
5.
Income can be defined as
a)
money earned through work or investment
b)
money spent on incomings
c)
money earned through saving
6.
The aged pension can be defined as
a)
regular payments made by the government to elderly people
b)
regular payments from emplyers to old people
c)
regular payments made by hospitals to sick people
7.
A casual worker
a)
works only when needed
b)
works 35 hours per week every week
c)
works every second day
8.
An entrepreneur is
a)
a person who takes on a risk by starting a business with an idea
b)
someone who likes enterprise
c)
a person who owns lots of different businesses
9.
A full-time worker
a)
works 35 hours or more per week
b)
works 60 hours per week
c)
works when required
d)
works from home
10.
A good is
a)
physical / tangible items that satisfy needs and wants
b)
intangible items that satisfy needs and wants
c)
also known as a want
11.
Interest can be defined as
a)
a charge made for use of money that has been borrowed
b)
something that is interesting
c)
the money someone receives when they retire
12.
Unemployment can be defined as
a)
people who are not currently employed but are looking for a job
b)
people who don't want to work
c)
people who only do housework
13.
Apart from earning an income, why do people work?
a)
to meet people
b)
to contribute to society
c)
to develop skills
d)
all of the answers
14.
Which of the following is NOT a benefit of being in PAID work?
a)
earning money
b)
improving living standards
c)
helping others in a voluntary job
d)
obtaining self-satisfaction
15.
Which of the following jobs would be classified as voluntary?
a)
making food for the homeless
b)
an education assistant
c)
a teacher
d)
gardening at home
16.
Self employment means
a)
to run your own business rather than work for someone else
b)
work in your own home
c)
work for someone who owns a business by themselves
17.
A welfare payment is paid by the
a)
government
b)
sharholders
c)
business owners
d)
local councils
18.
A wage is
a)
an hourly rate paid for work
b)
a yearly rate paid for work
c)
a monthly rate of pay
d)
a weekly rate of pay
19.
A salary can be defined as a
a)
yearly income
b)
weekly income
c)
monthly income
d)
fortnightly income
20.
A commission is a
a)
percentage of sales paid on top of a base wage or salary
b)
a weekly income
c)
a bonus pay
d)
a percentage of your income paid at the end of the year
21.
A job that likely pays a commission would be a
a)
person selling tickets to a show
b)
teacher
c)
doctor
d)
stock broker
22.
An example of a welfare payment would be
a)
the aged pension
b)
pocket money
c)
dividends
d)
commission
23.
Elderly people can earn earn an income from
a)
the aged pension
b)
superannuation
c)
personal savings
d)
all of the answers
24.
Superannuation is
a)
personal savings put away for when you retire
b)
provided by the government for people who can't support themselves
c)
when your employer pays a contribution to a fund for the future
25.
The economic problem occurs when we have
a)
unlimited wants and limited resources
b)
unlimited resources and limited wants
c)
unlimited wants and unlimited resources
d)
limited wants and limited resources
26.
If you work at home taking your of your family you are considered working.
a)
True
b)
False
27.
To be employed means
a)
someone working in return for an income
b)
to work
c)
to be looking for a job
d)
earning a commission
28.
Which of the following is NOT a want?
a)
breakfast in the morning
b)
an extra jacket
c)
a spare pair of shoes
29.
A service is
a)
an intangible action used to saisfy needs and wants
b)
a tangible item used to satisfy needs and wants
30.
Being unemployed can impact your self-esteem
a)
True
b)
False
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